Corn Products International Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company's net sales were $970.6 million against $1,084.2 million a year ago. Operating income was $87.8 million against $147.8 million a year ago. Income before income taxes was $78.5 million against $138.2 million a year ago. Net income attributable to the company was $52.8 million or $0.70 per diluted share against $88.1 million or $1.15 per diluted share a year ago. Capital expenditures, net of proceeds on disposals, for the quarters ended September 30, 2009 and 2008, were $32 million and $55 million, respectively. The results were negatively impacted by higher net corn costs, unfavorable foreign currency translations and softer volumes. The estimated change in earnings per diluted share from lower co-product prices (corn oil, feed, and meal) was a negative $0.21; lower price/margins was negative $0.11; lower other income was a negative $0.09; and weaker foreign currencies and lower volumes were a negative $0.06 and $0.04 respectively. For the nine months, the company's net sales were $2,713.4 million against $3,043.6 million a year ago. Operating income was $53.7 million against $370.3 million a year ago. Income before income taxes was $22.3 million against $346.4 million a year ago. Net loss attributable to the company was $15.2 million or $0.20 per diluted share against net income attributable to the company of $220.8 million or $2.90 per diluted share a year ago. Cash provided by operating activities was $368 million against $16 million a year ago. Capital expenditures, net of proceeds on disposals were $98 million against $160 million a year ago. Non-GAAP net income was $95.1 million or $1.27 per share. Operating income of $53.7 million for the nine months ended September 30, 2009 includes $125 million of impairment and restructuring charges recorded in the second quarter of 2009. Excluding the $125 million of impairment and restructuring charges, the company's operating income on a non-GAAP basis was $178.7 million for the first nine months of 2009. The company announced that it is narrowing full-year 2009 earnings guidance to a range between $1.80 to $2.00 per diluted common share, excluding the after tax impact of impairment and restructuring charges of $1.47 per diluted common share taken in the second quarter of 2009, versus the previous range of $1.70 to $2.10. Earnings per share guidance (GAAP basis) to be in the range of $0.33 to $0.53 compared to the previous guidance of $0.23 to $0.63. The company estimates that cash flow from operations for 2009 will be in the range of $425 million to $525 million, and expects 2009 capital expenditures to be approximately $150 million.

Corn Products International Inc., Q3 2009 Earnings Call, Oct 27 2009

Corn Products International Inc. expected to Report Fiscal Year 2009 Results on February 3, 2010. This event was calculated by Capital IQ (Created on October 1, 2009).